Guideline Value for Varghesh Avenue

Varghesh Avenue guideline value

The current guideline value of Varghesh Avenue is Rs 3,520 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village under the Tambaram Joint 1 SRO, classified as Residential Special Type - III.

How the guideline value of Varghesh Avenue has changed

Over the years, the guideline value of Varghesh Avenue has seen several revisions. The most recent revision in 2024 set the value at Rs 3,520 per sq.ft, an increase of 10% from the 2023 figure of Rs 3,200 per sq.ft. Prior to that, the 2017 revision recorded a value of Rs 2,144 per sq.ft, marking a significant increase of 49% from the previous 2023 figure. The 2012 revision also noted a value of Rs 3,200 per sq.ft, which was a decrease of 33% from the 2017 figure.

The overall change from the 2012 revision to the 2024 revision shows a modest increase of 10%. It is important to note that there are no registered figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

Chitlapakkam has 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Varghesh Avenue's 2024 figure above that median.

• Varatharaja Perumal Street: Rs 1,100 per sq.ft (2024)
• Varatharajan Street(Thurai Samy Nagar): Rs 2,750 per sq.ft (2024)
• Varadharajan Street: Rs 1,100 per sq.ft (2024)
• Varadhan Street: Rs 1,100 per sq.ft (2024)
• Vasavi Nagar: Rs 1,650 per sq.ft (2024)
• Vasugi Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Varghesh Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 3,520 per sq.ft, the total guideline value amounts to Rs 35,20,000. The stamp duty at 7% would be Rs 2,46,400, and the registration fee at 2% would be Rs 70,400, bringing the total cost for these fees to Rs 3,16,800. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Varghesh Avenue?

The Sub Registrar Office that covers Varghesh Avenue is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Chitlapakkam

The guideline value is a crucial factor during the registration of property transactions in Chitlapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair valuation of the property. It is important to be aware of the current guideline value to ensure compliance with legal requirements during the transaction.

Frequently asked questions

What is the current guideline value of Varghesh Avenue?

The current guideline value of Varghesh Avenue is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,200 per sq.ft in 2023 to Rs 3,520 per sq.ft in 2024, a 10% increase. Additionally, it increased from Rs 2,144 per sq.ft in 2017 to Rs 3,200 per sq.ft in 2023, marking a 49% increase.

What is the land classification for Varghesh Avenue?

Varghesh Avenue is classified as Residential Special Type - III, indicating its suitability for residential purposes.

How is stamp duty calculated for properties in Varghesh Avenue?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 35,20,000 would incur a stamp duty of Rs 2,46,400.

Where is the Sub Registrar Office for Varghesh Avenue located?

The Sub Registrar Office for Varghesh Avenue is located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.